CA Approves $8.6B More Debt for High-Speed Rail

While California suffers through a nation-high 9.8 percent unemployment rate, a state budget debt of $34 billion, and $766 billion in unfunded liabilities, Democrat-appointed officials have okayed borrowing another $8.6 billion to begin work on the state’s vaunted high-speed rail. The rail will supposedly cost $68 billion, but some estimates have placed the cost at above $100 billion. The state has not yet bought the land on which the rail is supposed to lie.

By selling $8.6 billion in debt, California hopes to raise private funding as well. The first leg of the high speed rail is supposed to run from scenic Merced to beautiful Fresno.